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Effects of an increase in the overall cost

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A person has just been awarded an income increase to offset the effects of an increase in the overall cost of living in his country. This increment is tied to the consumer price index (CPI), which recently escalated from 110 to 112. What should his new salary be if he was earning $30,000 per year before the increase in the CPI?

  • $29,464 per year
  • $30,545 per year
  • $30,600 per year
  • $33,600 per year

 

Reference no: EM131249512

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